10 Must Reads for the CRE Industry Today (June 29, 2015)

10 Must Reads for the CRE Industry Today (June 29, 2015)

 

  1. Ashford to Sell Select-Service Hotels With High-End Focus “Ashford Hospitality Inc. said it plans to sell 23 select-service hotels as it instead focuses on owning upper upscale, full-service lodging properties. The hotels being put up for sale have 4,308 rooms and are encumbered by about $190 million of long-term, fixed-rate debt and $187 million of maturing or floating-rate debt.” (Bloomberg)
  2. Rockefeller, Mitsubishi Trade Big in DC “It’s official: the Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York have completed the sale of the office building at 1101 K St. NW in Washington, D.C.  According to a source with knowledge of the deal, the joint venture partners sold the premier 292,000-square-foot property to UBS for approximately $260 million.” (Commercial Property Executive)
  3. 5 Trends Dominating the Future of Student Housing Design “When it comes to designing student housing projects, there are five trends that look to be here for the long haul. Dallas-based Humphreys & Partners Architects president Greg Faulkner gives us the skinny on what’s on the horizon.” (Bisnow)
  4. Wynn Resorts: Set to Double by 2018 “New property openings, the likelihood of at least stabilization of the Macau market in 2016 and forward, and improved US markets might paint a better future picture than the market is giving the company credit for. All said, I believe the company will eventually earn $2.5B in EBITDA in 2018, which would value the company at an enterprise value of $30B, setting the company to approximately double in value in a little over three years on historical models.” (Seeking Alpha)
  5. Realquidity Wants to Expand the Playing Field for Commercial Real Estate Investing “Realquidity is putting a new twist on commercial real estate investing. The Silicon Valley-based startup has launched an online marketplace for buying and selling fractional interests in commercial real estate (CRE). Described by its makers as a sort of NASDAQ for real estate, the platform makes buying and selling like investing in company stocks.” (Value Walk)
  6. Economist Assign Blame for Housing Shortage “The national supply of homes for sale is getting squeezed by the small amount of equity millions of would-be sellers have in their properties and relatively weak output from home builders, according to economists speaking Friday at a real-estate conference in Miami.” (The Wall Street Journal)
  7. Conditions Ripe for Return of REIT Privatizations “Last week private equity fund Lone Star announced it would be acquiring multifamily REIT Home Properties for $7.6 billion, including its debt. Perhaps the most interesting part of the deal was it appears to be signaling a return to a structure that has not been seen in recent years: a public to private conversion of a real estate company.” (GlobeSt.)
  8. CMBS Loans Show More Volatility in the D.C. Market “It’s a busy month for the special servicers.With the Washington metropolitan area office market in turmoil—due to ongoing tenant departures and government downsizing—four CMBS loans on D.C. area properties were recently flagged, according to data from Trepp provided to Commercial Observer.” (Commercial Observer)
  9. Ian Schrager Zeroes in on South Florida “Hotelier Ian Schrager is entranced with South Florida, and remains in hot pursuit of new hotel sites. Schrager, who opened the Miami Beach Edition in December of last year, said he is looking to bring a Public hotel to the North Beach part of Miami Beach, and has his eye further up the coast for a new location for the Edition, his luxury brand in partnership with Marriott.” (The Real Deal)
  10. FAO Schwarz Wrapping Up Negotiations for Xmas 2016 Opening in Times Square “Sources with intimate knowledge of the deal told CO that the new store is slated to open at the base of Paramount Group‘s 2.5-million-square-foot office tower at 1633 Broadway between West 50th and West 51st Streets, just in time for the 2016 Christmas season.” (Commercial Observer)
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